Money in Your Life

Vocabulary Terms Financial Goals: Specific objectives that are accomplished through financial planning Financial Planning: Managing money continuously through life in order to reach your financial goals Financial Well-Being: Managing money in ways that build a sense of understandning, competence, and control Well-Being: Feeling good about one’s life

What makes you happy? Five activities that make you happy What are five activities that make you happy? Why does this activity make you happy? $$ = activity directly costs money $ = Activity indirectly costs money  = activity costs no money What well-being domain(s) does this activity contribute to? 1.   Five activities that make you happy Explain why that activity makes you happy Add one of the following icons: Icon Explanation Example $$ Requires money Going to a movie theater Playing a video game may not cost money at the time but at some point the gaming console/video game probably cost money May not cost money at the time but at one point cost money $ Costs absolutely no money  Hanging out with friends

Why does feeling happy matter? High well-being comes from feeling good about your life A happy person High well-being

Characteristics of people with high well-being… Are positive Feel gratitude, joy, love, enthusiasm, and satisfaction    Love what they do Actively engage in activities such as work and play   In healthy relationships Relationships are loving and dependable Activities and relationships are important to themselves, others and often involve giving Find meaning in life Feel achievement Feel successful in their activities and relationships

What makes you happy? Refer to column 2, “Why does this activity make you happy?” Using the characteristics of high well-being, add to your explanations. Does the activity make you feel gratitude, joy, love, enthusiasm, and satisfaction? Do you love or enjoy the activity? Do you lose track of time when you do this activity? Does the activity involve spending time with people you enjoy? Do you find meaning in the activity or feel it is important? Does the activity make you feel successful?

Stand if you have an activity that makes you happy because… Positive It has positive characteristics    You enjoy it  Enjoy Relationships It involves relationships with others Meaning It provides meaning to your life Achievement It makes you feel successful Are there other reasons an activity makes you happy? ?

Well-being can be divided into five domains Physical Financial Intellectual Social Emotional

What contributes to well-being in each domain? High physical well-being Exercising and getting enough sleep Eating well Medical care Physical Intellectual Emotional Social Financial Taking care of your body

Gaining and using knowledge What contributes to well-being in each domain? Gaining and using knowledge Learning to solve problems High intellectual well-being Physical Intellectual Emotional Social Financial Gaining and using knowledge

What contributes to well-being in each domain? High social well-being Network of friends and family Membership in a community Sense of belonging Physical Intellectual Emotional Social Financial Having a network of friends and family

What contributes to well-being in each domain? Feeling a sense of worth and purpose Developing strategies to create a healthy outlook on life High emotional well-being Physical Intellectual Emotional Social Financial How you feel

What contributes to well-being in each domain? Managing money in ways that build a sense of understanding, competence and control. High financial well-being Physical Intellectual Emotional Social Financial Your financial outlook

Are you missing any well-being domains? What makes you happy? Refer to column 4. What well-being domain(s) does each activity contribute to? Physical Intellectual Emotional Social Financial Overall well-being Are you missing any well-being domains? What specific things could you do that would contribute to your overall well-being?

What makes you happy? How many $$ did you have? How many $ signs did you have? Was there any activity on your list that didn’t require money in some way? What does this say about how important money is to your happiness? Imagine that you didn’t have money. How would your well-being be affected?

Financial well-being affects overall well-being Physical Financial well-being affects overall well-being Intellectual Financial Social Emotional

How can you create positive financial well-being? After you have enough money to pay for necessities How you manage your money increases well-being Managing money well is critical to increasing a person’s well-being

Understand your feelings about money Do you feel positive about your financial situation compared to others around you? Do you feel positive about having enough money to purchase basic needs? Do you have positive feelings about the way you manage your money?   Do you find enjoyment and meaning in life through participating in activities you enjoy? Are you in healthy relationships with positive communication about money? Do you feel successful about your present and future financial position?

How can you create positive financial well-being? Financial planning – managing money continuously through life in order to reach financial goals Financial goals - specific objectives that are accomplished through financial planning Participate in financial planning for your present and future

What does successful financial planning look like? Ask yourself- “What makes me happy?” Use financial planning as a tool to help you reach that happiness Continually evaluate and edit your financial plan Individualize your financial plan

What role does money play in your life? Money in Your Life What role does money play in your life? Learning how to manage your money will help you create high well-being How you feel about money contributes to your well-being

Learn about Hannah and Morgan’s life The Roommates Learn about Hannah and Morgan’s life

Events that affect Hannah’s well-being Underline events that positively and negatively affect Hannah’s well-being Events that affect Hannah’s well-being She has to work extra hours to make ends meet She stayed up until two in the morning She feels her research paper isn’t her best work She and Caleb have been fighting a lot She is struggling to find time for her boyfriend in her busy schedule She only has $25 left until payday in five days She can’t get Caleb to talk about things She has an overly full schedule She likes her roommate Morgan but finds it hard to be around her since everything seems to always go her way She wishes she had the financial freedom to have a less stressful schedule

Identify one event that affects Hannah’s well-being in each domain. Does this event have a positive or negative affect on Hannah’s well-being? + or - Identify one event that affects Hannah’s well-being in each domain. Physical – Taking care of your body Intellectual – Gaining and using knowledge Emotional – How you feel Social – Having a network of friends and family Financial – Your financial outlook

Hannah’s Well-being Physical – Taking care of your body Intellectual – Gaining and using knowledge Emotional – How you feel She stayed up until two in the morning She feels her research paper isn’t her best work She is struggling to find time for her boyfriend in her busy schedule She can’t get Caleb to talk about things She has an overly full schedule

Hannah’s Well-being Social – Having a network of friends and family Financial – Your financial outlook She likes her roommate Morgan but finds it hard to be around her since everything seems to always go her way and She and Caleb have been fighting a lot She has to work extra hours to make ends meet She only has $25 left until payday in five days She wishes she had the financial freedom to have a less stressful schedule

Do you think Hannah has high or low well-being? Hannah’s Well-being Do you think Hannah has high or low well-being? OR

Events that affect Morgan’s well-being Circle events that positively and negatively affect Morgan’s well-being Events that affect Morgan’s well-being She has a lunch scheduled with her sister She runs every morning She found out that she received a scholarship to help pay for college expenses Her current job is adding a lot of stress to her life She has the time and money to look for a new job She likes and cares about Hannah She has enough money in her savings account to pay her bills for a few months if she doesn’t find a new job right away She is taking two classes that she really enjoys

Identify one event that affects Morgan’s well-being in each domain. Does this event have a positive or negative affect on Morgan’s well-being? + or - Identify one event that affects Morgan’s well-being in each domain. Physical – Taking care of your body Intellectual – Gaining and using knowledge Emotional – How you feel Social – Having a network of friends and family Financial – Your financial outlook

Morgan’s Well-being Physical – Taking care of your body Intellectual – Gaining and using knowledge Emotional – How you feel She runs every morning She is taking two classes that she really enjoys Her current job is adding a lot of stress to her life She has the time and money to look for a new job

Morgan’s Well-being Social – Having a network of friends and family Financial – Your financial outlook She likes and cares about Hannah She has a lunch scheduled with her sister She found out that she received a scholarship to help pay for college expenses She has enough money in her savings account to pay her bills for a few months if she doesn’t find a new job right away

Do you think Morgan has high or low well-being? Morgan’s Well-being Do you think Morgan has high or low well-being? OR

Why does Morgan have higher well-being than Hannah? There could be many reasons… Morgan participates in financial planning Why else?

How has financial planning contributed to Morgan’s well-being? What benefits have applying for and receiving scholarships provided her? What benefits has saving money provided her? Less stress regarding paying for college and living expenses Has a sense of financial security so she can worry less about money She can dedicate more time to other well-being domains Able to find a job that she enjoys